Society Pass’ NexGen Retail to acquire PT Inetindo Info for $1.85M

NextGen Retail has entered into an agreement to acquire 95% of PT Inetindo Info, a wholly subsidiary of Story-I. Inetindo is an Indonesia-based Apple Premium Reseller and Authorised Education Partner as well as an electronic gaming retailer for several different gaming companies. Subject to Australian Stock Exchange and Story-I shareholder approvals, anticipated by September 2023, NextGen Retail, formerly known as Leflair Inc, will complete its first acquisition outside of Vietnam in the large and fast growing Indonesian market. Through cross-selling synergies, the Inetindo acquisition will accelerate the growth of SoPa‘s other Indonesian businesses, including NusaTrip Inc and Thoughtful Media Inc. NextGen Retail acquires Inetindo with its physical and intangible assets in an all-cash transaction valued at A$2.78M equal to approximately $1.85M based on current exchange rates. Operating in Indonesia since 2010, Inetindo employs approximately 300 employees and operates 26 “Story-I” branded Apple stores in 9 cities across Indonesia. As an Apple Authorised Education Partner and Apple Authorised Service Provider, respectively, Inetindo sells Apple devices and solutions to leading international schools and tertiary institutions and repairs Apple products at its service centres. The acquisition is subject to customary closing conditions and completion of ASX regulatory review and Story-I’s shareholder approvals. The deal is anticipated to close by September 2023 and is expected to be accretive to SoPa’s non-GAAP earnings per share upon close.